The XboX 720 is still in development, and not much information is released. Currently there is no release date but rumored to be around in time for the holidays in 2013. Also rumored that the controller will be similar to that of the Nintendo Wii U with a screen in it. Another rumor is that the XboX 720 will be only $100 with a contract as it suggests it is also a tv cable box
Again, this information is suggestive and nothing is for sure set in stone. We will add information as information becomes available to us.